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Economics / Finance So you did well in math but you slept through Economics 101?

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Old 12-19-2013, 9:01 PM
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Default RadioReference accepts Bitcoin - what do you think?

Would love to hear what the "econ" community/experts thinks about our recent decision.

Bitcoins now accepted for subscription payments
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Old 12-19-2013, 9:36 PM
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Good move, IMO.
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Old 12-21-2013, 5:47 PM
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Wirelessly posted (Moto Droid Bionic: Mozilla/5.0 (Linux; U; Android 4.1.2; en-us; DROID BIONIC Build/9.8.2O-72_VZW-22) AppleWebKit/534.30 (KHTML, like Gecko) Version/4.0 Mobile Safari/534.30)

I fail to understand the Bitcoin biz despite listening to Brian Kelly (CNBC Fast Money) and the beating of the drum by Max Keiser and Stacey Herbert (RT's Max Keiser Reports). Too volatile, too many thefts from exchanges, and a number of countries banning, regulating and investigating. From RT's Boom or Bust show last night, several opinions that the barriers set to create an e-coin is pretty low. Competition? Too wierd for me, but that's me.
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Old 12-22-2013, 6:54 AM
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I've always was reluctant to get a priemum membership because I don't want to expose my identity. So Bitcoin will be a plus if I should upgrade. Don't really have a need to upgrade though and I type in all my scanner data via computer or by hand.
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Old 12-22-2013, 9:15 AM
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IMO - they are just too unstable in value. While yes they have risen in value since inception, but also dropped in value substantially also.

Last week - 10 days ago they were reported to be trading or being sold or valued at upwards of $1000.00 per coin. Yesterday they were valued at less than $600.00 per coin

Unless all other currency was abolished - bit coins are too unstable to be mainstream.

I recently ready about a guy who wanted to be paid in bit coins instead of US Currency. What happens when he is paid on Friday and they are worth $1000.00 each and then the following Tuesday the are only worth $600.00 each ? He still has $800.00 worth of bills that need to be paid

It just seems like - well just not stable to me. You sell you used car on Friday - you wanted $6000.00 US - so you take six bit coins and there goes your used car. You go to the dealer on Tuesday to use the money as a down payment on you new car but instead of the six bit coins being worth $6,000.00 they are now only worth $3600.00 In addition that new $24,000.00 car that you thought you could buy for 24 bit coins now costs 40 bit coins.

Just my .02 on the subject

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Old 12-22-2013, 9:36 AM
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Maybe look into Campbell's Soup can labels too?
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Old 12-22-2013, 11:42 AM
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Quote:
Originally Posted by trsundstrom View Post
too many thefts from exchanges,
This argument always confuses me.

Nobody has had their dollars stolen, physical or electronic, before?

Credit cards, debit cards, bank accounts, cash? I receive phishing emails and of particular lately, phone texts and messages, several times a month.

Just last year several banks were hacked with losses in the nine figure range across thousands of individual accounts.

The few notable bitcoin thefts where/are highly publicized. The risk seems inflated for that reason. It takes much much more for other more conventional electronic means of transfering currency theft to be news worthy and it is so common that it hardly creates much buzz.

http://kdvr.com/2013/12/21/report-da...-market-sites/

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Old 12-22-2013, 12:02 PM
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Quote:
Originally Posted by trsundstrom View Post
and a number of countries banning, regulating and investigating.
And that is the primary reason for the volatility.

Once many of these questions are answered for most people(government acceptance/rejection, products and services that will accept bitcoin) the volatility of the rate of exchange will even out.

Governments are going to fight bitcoin or any other alternative currency for the simple reason that governments make a large portion of their wealth through debasing their own currency(making more out of nothing).

Last edited by feets; 12-22-2013 at 12:05 PM..
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Old 12-22-2013, 12:54 PM
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Wirelessly posted (Moto Droid Bionic: Mozilla/5.0 (Linux; U; Android 4.1.2; en-us; DROID BIONIC Build/9.8.2O-72_VZW-22) AppleWebKit/534.30 (KHTML, like Gecko) Version/4.0 Mobile Safari/534.30)

Feets, no problems with phishing (I don't open e-mail from those I don't recognize), almost all purchases are made with cash (think Target) and for the very few online purchases Discover has a throwaway card number thingie. Caller ID helps me avoid answering useless phone calls. YMMV. Poltergeisty, the NSA knows who are.

The Bitcoin/e-coin biz just isn't for me. Max Keiser's noise is out of joint when it comes to banking, but I just watch and learn... and collect dividends within my brokerage account. Easier on this wrinkled matter in my head.
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